Rousseff shouts coup as impeachment clears house hurdle

While Brazil’s incumbent and first female President accused opposition parties of a joint coup, impeachment process against her cleared another hurdle. On Sunday, Brazil’s lower house, voted more than 60% in favor of impeachment of President Dilma, paving the way for her resignation. Now the process moves to Senate, where lawmakers need to vote in majority to impeach her next month.

Her resignation will pave the way for Michel Temer to become new President, who will serve until 2018. He was the vice-President under Rousseff administration but his party, PMDB, left the government amid corruption scandal. However, President Rousseff and her allies are claiming that he is leading a coup, driven by his personal aspirations and big gains if Rousseff is forced to resign.

Hundreds have taken to the streets, in support of government as well as groups protesting against current government. This political battle is threatening to push the country to the brink of street riots amid worst recession in 25 years.

Brazilian Real has failed to gain much on the news as oil price dropped after Doha talk’s failure. Real is currently trading at 3.53 per Dollar.